Tiny AIM-listed serviced office provider Stonemartin is in talks over a corporate deal after losing most of its business contracts in April.
In its annual results published today chairman Richard Mead said the process was ‘well under way’. A deal would see Stonemartin either be sold, reversed into a third party or dispose of its corporate centres subsidiary.
The only building it now operates is New Broad Street House in the City of London, which is 89% occupied.
During the year it increased its turnover by 7% to £12.6m and reduced its pretax loss from £0.55m to £34,000.
‘The significant cash balances now held by the company and the success of New Broad Street House underpin our hopes of a satisfactory outturn for shareholders,’ said Mead.
Stonemartin shares fell 2% to 6.25p in early trading, valuing the company at £7.3m.